20 Mar 2015
Oil to drop another $10/barrel? – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team sees the possibility that Brent crude might drop another $10/barrel if Iranian oil returned to the market.
Key Quotes
“Amid a worldwide glut of crude, a deal permitting more Iranian exports to Asia and Europe could drive prices even lower. If Iranian oil returned to the market, two officials said, the price of crude would drop another $10 a barrel.”
“Brent crude, the international benchmark, has fallen 12 percent this month to $54.43 a barrel.”
“U.S. crude stockpiles rose by 9.62 million barrels to 458.5 million in the seven days ended March 13. That ́s the highest level in weekly records from the Energy Department ́s statistical arm dating back to August 1982. Output accelerated by 53,000 barrels a day to 9.42 million per day, the fastest pace since at least 1983.”
Key Quotes
“Amid a worldwide glut of crude, a deal permitting more Iranian exports to Asia and Europe could drive prices even lower. If Iranian oil returned to the market, two officials said, the price of crude would drop another $10 a barrel.”
“Brent crude, the international benchmark, has fallen 12 percent this month to $54.43 a barrel.”
“U.S. crude stockpiles rose by 9.62 million barrels to 458.5 million in the seven days ended March 13. That ́s the highest level in weekly records from the Energy Department ́s statistical arm dating back to August 1982. Output accelerated by 53,000 barrels a day to 9.42 million per day, the fastest pace since at least 1983.”